File this one under “Teaching a man to fish vs. giving man a fish.” We’ve all read plenty of stories about the need to improve financial literacy. Indeed, the lack of financial literacy has been fingered as one of the primary culprits behind savings and investing woes.
We’ve also seen, especially since the White House and the DOL began a highly public crusade for a new fiduciary rule, a multitude of stories about the damage to retirement savers wrought by conflicts-of-interest. The president himself, as well as many much more qualified to say so, have said how these currently legal self-dealing transactions have cost billions in retirement savings every year.
Here’s an idea, though, that hasn’t got nearly as much press—what if the two issues—financial literacy and the fiduciary standard—are linked. A spokesman for AARP recently said the public “generally assumes that all advisers currently have a fiduciary-type standard and are already acting in their best interest” (see “Exclusive Interview: AARP’s David Certner says of DOL’s Proposed Fiduciary Rule: ‘Disclosure Alone Not Enough’,” FiduciaryNews.com, June 16, 2015).
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